The Pound Euro (GBP/EUR) exchange rate is jumping higher, rising over €1.19.

The pound is being boosted by strong UK labour market data as unemployment falls to 3.7% the lowest level since 1974.

Wages including bonuses rise 7%, above inflation. although wages excluding bonuses rise just 4.2%, a fall in real terms.

The Euro fall yesterday after a downgrade in the GDP outlook for the year to 2.7%.

Today. GDP rose by a better than expected 0.3% QoQ, up from 0.2% in the preliminary reading.